Just when the leading cryptocurrency Bitcoin seemed to be recovering, it experienced new declines. Yesterday evening, another drop occurred, pushing the price down to around $58,000.
This decline was also reflected in altcoins, with the price of Ethereum, the largest altcoin, falling to around $1,500.
With this decline, all $ETH whales suffered losses for the first time in 7 years.
According to crypto analyst Darkfost, using a pseudonym, all large-scale Ethereum ($ETH) investors, or whales, are currently in a state of unrealized loss.
Specifically, the group of investors holding 1,000 to 10,000 $ETH is experiencing a 26% loss; the group holding 10,000 to 100,000 $ETH is experiencing a 21% loss; and finally, the group holding more than 100,000 $ETH is experiencing a 5% loss.
The analyst also added that historically, periods when Ethereum whales incurred losses coincided with market lows.
The analyst also argues that, given that all whale groups are at a loss, the $ETH price has performed relatively well.
As predictions of $ETH hitting rock bottom continue to mount, Ethereum has lost its position as the second-largest cryptocurrency by market capitalization to Tether ($USDT).
During the day, Tether overtook Ethereum by market capitalization to rise to second place in the overall crypto rankings. However, $ETH subsequently regained its status as the second-largest cryptocurrency.
According to the latest data, $USDT has a current market capitalization of $186 billion, while $ETH has a market capitalization of approximately $187.1 billion.
*This is not investment advice.
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